Certification Requirements for Distribution of Specialized Investment Funds (SIFs)
Summary
This circular modifies the certification requirements for entities distributing Specialized Investment Funds (SIFs) under the SEBI Master Circular for Mutual Funds. It introduces a new NISM Series-V-D certification while allowing existing holders of NISM Series XIII to transition until their certificates expire. The regulatory changes are implemented immediately under the powers conferred by the SEBI Act and relevant regulations.
Text
SEBI issued the regulatory framework for Specialized Investment Funds (‘SIFs’) vide Circular No. SEBI/HO/IMD/IMD-I POD-1/P/CIR/2025/26 dated February 27, 2025, incorporated under Chapter 21 of the SEBI Master Circular for Mutual Funds dated March 20, 2026.
Based on representations from industry participants and discussions with NISM, the certification requirement for SIFs was reviewed and paragraph 21.10 of the MF Master Circular is modified.
Any persons employed or engaged in the sale and/or distribution of SIF products shall be required to have a valid 'NISM Series-V-D - Mutual Fund - Specialized Investment Fund Distributors Certification'. Entities holding this certification shall be eligible to distribute both Mutual Fund and SIF products without separately holding 'NISM Series V-A – Mutual Fund Distributors Certification'.
Entities engaged in the sale and/or distribution of only Mutual Fund products shall continue to comply with NISM Series V-A certification, as specified under Gazette notification no. LAD-NRO/GN/2010-11/09/6422 dated May 31, 2010.
The existing requirement of holding of 'NISM Series XIII – Common Derivatives Certification' for the sale and/or distribution of SIF products shall not be applicable after September 21, 2026.
SIF distributors holding a valid 'NISM Series XIII - Common Derivatives Certification', obtained on or before September 21, 2026, shall not be required to obtain the 'NISM Series-V-D' certification till the expiry of their existing 'NISM Series XIII' certification. During this period, such distributors shall continue to hold a valid 'NISM Series V-A Mutual Fund Distributors Certification'.
AMFI and AMCs shall ensure compliance with the above requirements by distributors and agents.
All other provisions of the SEBI Master Circular for Mutual Funds dated March 20, 2026 shall remain unchanged.
The provisions of this circular shall come into force with immediate effect.
This circular is issued in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992, read with Regulation 84 of the SEBI (Mutual Funds) Regulations, 2026, and Regulation 3(1) of the SEBI (Certification of Associated Persons in the Securities Markets) Regulations, 2007.
Source: SecMarx — Certification Requirements for Distribution of Specialized Investment Funds (SIFs). Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.